It’s almost that time of the year where children go back to school and we slowly see a change in colour as we pull out the sweater weather attire. Everyday operations continue to pivot towards the “new normal”. The world of real estate will see a consistent rise in demand for homes of a more accommodating layout towards these adjustments to the economy and Covid-19.
As we embark on fall in Burlington & Oakville, the real estate market will see a very slight decline. We witnessed a minor dip in March due to Covid-19, but the overall market came back strong with 80% inventory selling out each month. Here is what you will see this fall in terms of the Burlington/Oakville real estate market.
Housing Demands Change in the Market for Canadians
Due to the global impact that Covid-19 has had on many civilians and the dynamics of their work/ lifestyle situation, 32% of Canadians no longer want to live in large urban centres. As a result, more people are looking for rural or suburban communities. These are homes that have a larger workspace and back yard. 48% of Canadians would like to live closer to green spaces. 33% would like square footage as the demand for at-home workspace is required due to social distancing measures. There has also been an increase in interest for real estate closer to hospitals and clinics. 48% of Canadians now see that as an essential hallmark towards their choice in purchasing a home. When it comes to a second wave, 56% of Canadians are still confident and likely to buy or sell this fall. This is great news for Burlington/Oakville and Team Logue.
What does this mean for the Burlington/Oakville area?
Burlington & Oakville are no exception to this trend we are seeing. In fact, with up to 80% of available inventory selling out each month, we are predicting to see a consistent price increase of 3%-4% for the remainder of the year in the area.
In regards to the luxury markets in the Burlington and Hamilton area, we have seen strong interest, particularly from buyers in the Peel Region and Toronto.
Oakville is right behind Burlington as it is the 4th fastest growing area in Greater Toronto, with over 421 homes sold and 1035 listings on the market. With Oakville’s beautiful Lake Ontario views, the site has been heavily sought out for buyers either looking to scale up or navigate towards the outskirts of the Toronto area.
This overall indicates, once again, the desire for more space outside large cities is growing. People are looking for those larger workspaces, patios and back yards, even pools. The desire for a more welcoming and satisfying living space is higher in demand. People have to spend more time at home as opposed to being required to do anything outside their own four walls. See Hamilton – Burlington house outlook here https://blog.remax.ca/hamilton-burlington-housing-market-outlook/
What are we doing this fall in regards to the Burlington & Oakville real estate markets?
Are you looking to buy, are you looking to sell? Team Logue makes it easy for both the buyer and the seller. With multiple ways to reach out to those looking on either side of the spectrum, it is hard to keep a house on the market. Some have even sold before they are advertised.
Team Logue holds many open houses via Facebook and Instagram alongside 3D tours, photo galleries, and video tours of homes for sale.
The virtual tour of a home is a great way to reach potential home buyers without risking detrimental health factors. Buyers can ask questions, see the house as if they were there, and get a good view of the home they have had their sights on. All while keeping a safe distance at home. Whether you are buying or selling, our listing videos, we share on the two platforms above as well as YouTube, will have you covered in all areas in terms of detail and advertisement. Each listing has a link, 3D tour, video tour, and photo gallery that will leave every buyer/seller with little to question. This is great as it results in a fast and efficient sale with minimal questions for areas that may have been missed on the listing.
Fall is a great time to sell/buy in Burlington & Oakville!
With a market that is seeing an 80% clear out of inventory monthly and rise of 3%-4% in home prices for real estate in Burlington – Hamilton area, now is the time to reach out to our team and help you sell or buy. We have the resources available to get the most exposure of your property with minimal contact and maximum social distance measures.
Check out Team Logue’s feature listing here: